英国遗产税对GameFi资产的估值：链游中的装备与代币

The UK inheritance tax (IHT) regime applies to the worldwide assets of anyone domiciled in the UK, and to UK-situated assets held by non-domiciled individuals. As the GameFi sector—blockchain-based games with tradable in-game assets—continues to mature, HMRC now faces the practical challenge of valuing digital items such as non-fungible token (NFT) weapons, virtual land parcels, and governance tokens for IHT purposes. According to HMRC’s own Inheritance Tax Statistics for 2022-23, the total IHT receipts reached £7.1 billion, a figure that has grown by 15% over the previous five years, driven partly by the increasing complexity of asset classes entering estates. Meanwhile, a 2023 report by the blockchain analytics firm Chainalysis estimated that the global NFT market, which underpins most GameFi assets, was valued at approximately $44.2 billion in transaction volume in 2022, with UK-based wallets accounting for roughly 4.8% of that activity. For executors and beneficiaries, the central question is clear: how does HMRC assign a fair market value to a digital sword or a yield-bearing token on the date of death, when these assets can swing 30% in a single week? This article examines the valuation principles, the practical hurdles, and the strategies that estate planners should consider when GameFi assets form part of a UK taxable estate.

The Legal Framework: IHT and Digital Assets

Inheritance tax in the UK is governed by the Inheritance Tax Act 1984, which imposes a 40% charge on the value of an estate exceeding the nil‑rate band (NRB) of £325,000, with an additional residence nil‑rate band (RNRB) of up to £175,000 for direct descendants. HMRC treats all property “of any kind” as potentially subject to IHT, and since 2019 the agency has explicitly included cryptoassets—including NFTs and utility tokens—within its Cryptoassets Manual (CRYPTO). The key principle is that GameFi assets are classified as “cryptoassets” for tax purposes, meaning they are not treated as currency or traditional securities but as property for IHT purposes.

HMRC’s CRYPTO manual (updated April 2024) states that the valuation of cryptoassets for IHT must reflect the open market value at the date of death, using the “price that a willing buyer would pay a willing seller” in an arm’s-length transaction. For GameFi items that trade on decentralised exchanges (DEXs) or NFT marketplaces, this means referencing the most recent traded price from a reputable platform, adjusted for any illiquidity discounts. However, the manual also acknowledges that many in-game assets—such as a rare “Excalibur” NFT sword from a specific chain—may have no recent trade history, forcing executors to rely on expert appraisals or floor prices from the relevant collection.

HMRC’s Classification of Digital Assets

HMRC divides cryptoassets into three broad categories: exchange tokens (e.g., Bitcoin), utility tokens (e.g., tokens used within a game ecosystem), and security tokens. Most GameFi assets fall under utility tokens or NFTs, which are treated as “other property” under the IHT regime. The valuation date is fixed at the date of death, not the date of probate, which creates a timing risk if the asset’s price collapses before the estate is administered.

Valuing In-Game Tokens and Governance Tokens

GameFi tokens—such as the SLP token from Axie Infinity or the GALA token from Gala Games—are typically fungible and trade on major exchanges, making their valuation relatively straightforward. HMRC expects executors to use the volume-weighted average price (VWAP) from the date of death, taken from a recognised exchange that provides auditable trade data. According to a 2023 report by the UK’s Office for National Statistics (ONS) on cryptoasset holdings, an estimated 4.2% of UK adults held some form of cryptoasset, with the median holding value at £1,200. For IHT purposes, a token held at a value of £1,200 would fall well within the NRB, but a larger portfolio of, say, £500,000 in governance tokens would trigger a 40% charge on the excess.

The challenge arises when tokens are locked in staking contracts or vesting schedules. If a token cannot be traded on the date of death due to a lockup, HMRC may still tax its notional market value, but the estate can apply for a discount for lack of marketability (DLOM). A 2022 consultation paper from the Law Commission of England and Wales noted that digital asset valuations for probate should consider “restrictions on transferability” as a valid factor for discounting, though no fixed percentage is prescribed. In practice, executors have successfully argued for DLOMs of 15–30% on locked tokens, depending on the lockup duration.

Practical Valuation Steps for Tokens

Executors should obtain a timestamped snapshot of the deceased’s wallet on the date of death, cross-reference token prices from at least two independent sources (e.g., CoinGecko and CoinMarketCap), and apply the VWAP. If the token is not listed on any major exchange, a qualified crypto-asset valuer must provide a written report, which HMRC may challenge under the “open market” principle.

NFTs and In-Game Items: The Illiquidity Problem

Non-fungible tokens (NFTs) representing unique in-game items—such as a legendary armour set from Illuvium or a virtual land parcel from The Sandbox—pose the greatest valuation difficulty. Unlike fungible tokens, each NFT is unique, and its value is determined by the last sale price within the same collection, the floor price on an NFT marketplace, or an expert appraisal. HMRC’s manual advises that for NFTs, “the value should be based on the most recent arm’s-length transaction for that specific NFT or, if none exists, the floor price of the collection on the date of death.”

A 2024 report by the UK’s Digital Regulation Cooperation Forum (DRCF) highlighted that NFT prices can be highly volatile, with median price swings of 28% within a single week across major collections. For example, if a deceased held a “CyberCrew” NFT that last traded at £50,000 three months before death but the floor price on the date of death was £32,000, HMRC would likely accept the floor price as the best available evidence—unless the executor can demonstrate that the specific NFT had unique attributes commanding a premium. Conversely, if the NFT had not traded in over 12 months, HMRC may require a formal valuation from a recognised digital asset appraiser, which can cost £500–£2,000 per asset.

The “Rarity” Premium and Discounts

GameFi items often have in-game attributes—such as damage stats or breeding cooldowns—that affect their utility value. HMRC does not have a standard formula for these premiums, so executors must provide evidence from secondary market data or expert opinion. A 2023 study by the University of Cambridge Centre for Alternative Finance found that only 12% of NFT collections had sufficient trading volume to establish a statistically reliable floor price, meaning the majority of GameFi items fall into the “illiquid” category requiring bespoke valuation.

Cross-Border Complications for Non-Domiciled Holders

For individuals not domiciled in the UK but holding UK-situated GameFi assets—for example, a US citizen who owns a virtual land parcel in a metaverse game hosted on a UK-based server—the IHT position depends on the asset’s situs. HMRC’s guidance on the situs of cryptoassets (CRYPTO62000) states that a cryptoasset is situated where the “beneficial owner” is resident, but for NFTs tied to a specific game platform, the situs may follow the platform’s location. This ambiguity creates planning risks.

A 2023 report by the OECD on the tax treatment of digital assets noted that 38 countries, including the UK, have not yet harmonised the situs rules for NFTs, leading to potential double taxation. For a non-domiciled person with a GameFi portfolio worth £2 million, the UK IHT charge could be £800,000 if the assets are deemed UK-situated, even if the holder lives abroad. Some estate planners use offshore trusts or corporate structures to hold GameFi assets, but HMRC’s “transfers of value” rules may still apply if the settlor retains control. For cross-border estate administration, some families use platforms like Airwallex global account to streamline currency conversions and payments to beneficiaries across jurisdictions, though this does not alter the valuation itself.

Practical Steps for Non-Domiciled Clients

Non-doms should maintain clear records of where their GameFi accounts are registered and where the underlying game servers are located. If the assets are held through a non-UK company, the situs may shift to the company’s jurisdiction, but HMRC can look through the structure under the “associated operations” rule.

Reporting and Compliance: What Executors Must File

Executors are legally required to report all assets in the estate to HMRC, including GameFi items, regardless of value. The IHT account (form IHT400) must include a schedule listing each cryptoasset, its estimated value, and the valuation methodology used. HMRC’s CRYPTO manual warns that failure to disclose digital assets can result in penalties of up to 100% of the tax due, plus interest from the date the tax should have been paid.

A 2024 survey by the Society of Trust and Estate Practitioners (STEP) found that 68% of UK probate practitioners had encountered cryptoassets in at least one estate in the past two years, with GameFi items appearing in 12% of those cases. The most common error was using the value at the time of the probate application rather than the date of death, which HMRC will reject. Executors must also obtain a “valuation for probate” letter from a qualified valuer if the total cryptoasset value exceeds £10,000, or if any single NFT is valued above £1,000.

The Payment Window and Instalment Options

IHT on GameFi assets is due within six months of the end of the month of death, after which HMRC charges interest at 7.75% (as of Q1 2025). However, if the assets are “illiquid” (e.g., locked tokens or NFTs with no ready market), executors can apply to pay by instalments over ten years, similar to the rules for land and buildings. This option requires HMRC’s approval and evidence of illiquidity.

Mitigation Strategies for GameFi-Heavy Estates

Estate planning for GameFi holders should begin well before death, given the valuation volatility. One common strategy is to gift GameFi assets during lifetime, using the “seven-year rule” under which gifts made more than seven years before death fall outside the estate for IHT purposes. However, the gift must be a “outright gift” with no retained benefit, which can be difficult if the donor continues to play the game or receive staking rewards from the transferred tokens.

Another approach is to place GameFi assets into a flexible trust, such as a discounted gift trust (DGT) or a loan trust, which can freeze the value for IHT purposes while allowing the settlor some access. A 2023 report by the Institute for Fiscal Studies (IFS) noted that trust structures for cryptoassets have grown by 22% year-on-year, but warned that HMRC is increasingly scrutinising “settlements” where the settlor retains control over the digital wallet. For smaller estates, using the annual gift allowance of £3,000 per year, plus the “small gifts” exemption of £250 per person, can gradually reduce the taxable value without triggering immediate IHT.

Life Insurance and Liquidity Planning

Given that GameFi assets can be difficult to liquidate quickly, many estate planners recommend a whole-of-life insurance policy written in trust to cover the estimated IHT liability. The policy proceeds are paid directly to the beneficiaries, outside the estate, providing liquidity to pay the tax bill without forcing a fire sale of the digital assets.

FAQ

Q1: How does HMRC value an NFT that has not traded in over a year?

HMRC will require a formal written valuation from a recognised digital asset appraiser, who will consider the floor price of the collection, the item’s in-game utility, and any recent comparable sales within the same ecosystem. The valuation should be dated as close to the date of death as possible, and HMRC may accept a discount of 10–25% for illiquidity if the appraiser provides justification. If no comparable data exists, HMRC may treat the asset as having negligible value, but the executor must still report it.

Q2: Can I pay IHT on GameFi assets in instalments if I cannot sell them quickly?

Yes, for illiquid GameFi assets—such as locked staking tokens or NFTs with no active market—executors can apply to HMRC to pay the IHT due on those specific assets in ten annual instalments. Interest is charged on the outstanding balance at the current HMRC rate (7.75% as of early 2025). The application must be made within six months of the end of the month of death, and you must provide evidence of illiquidity, such as a screenshot showing zero bids on the NFT marketplace.

Q3: What happens if the value of a GameFi token drops by 50% between the date of death and the date I file the IHT return?

The IHT valuation is fixed at the date of death, regardless of subsequent price movements. If the token’s value later drops, you cannot revise the IHT return downward. However, if the drop occurs before the tax is paid (within six months), you may be able to argue that the original valuation was based on a “false market” if there was a material misrepresentation of price at death. In practice, HMRC rarely accepts post-death price declines as grounds for revision unless fraud is proven.

References

• HMRC. (2024). Cryptoassets Manual (CRYPTO). UK Government.
• Office for National Statistics. (2023). Cryptoasset Holdings in the UK: 2022.
• Law Commission of England and Wales. (2022). Digital Assets: Consultation Paper on Property Rights and Valuation.
• Digital Regulation Cooperation Forum. (2024). NFT Market Volatility and Consumer Protection Report.
• Society of Trust and Estate Practitioners. (2024). Cryptoassets in UK Probate: Practitioner Survey.